Depending on the version of your engine, lvarchar is a limited datatype.
But of course this is possible.
How do you want it? Do you want each result row to represent a new row in your other table?
INSERT INTO tab1 (Select col1, col2 from tab2);
If you want the full result of the query in one field - you should concatenate the resultset rows in one variable and then insert this variable in the new table